Dewey Reaches $19.5M Settlement With Ex-Chairman, Insurer

Law360, New York (April 23, 2013, 1:48 PM EDT) -- The embattled ex-chairman of bankrupt Dewey & LeBoeuf LLP agreed Monday to pay about $500,000 to settle mismanagement claims arising from the firm’s downfall, while his professional liability insurer agreed to cough up $19 million.

The agreement, submitted to U.S. Bankruptcy Judge Martin Glenn in New York, settles claims between ex-Dewey Chief Steven H. Davis, Dewey’s insurer XL Specialty Insurance Co. and the firm’s liquidating trust.

“The liquidating trustee submits that the settlement agreement is a substantially more favorable result than litigation,” said the motion to...
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